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Requirement of holding statutory meeting

Bhaba (CS) (25 Points)

15 September 2014

A public limited company was formed under CA-1956 and got coi on 25-03-2014.under CA-2013 there is no requirement of holding statutory meeting since there is no substitute for section 165 in CA-3013.Do that company which was incorporated under old CA-1956 is required to hold statutory meeting and file statutory report? thanks

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6 Replies

Jaikishan (CA) (168 Points)
Replied 15 September 2014

it may be noted that the Ministry of Corporate Affairs (MCA) has, on 04th April 2014, vide its General Circular No. 08/2014, clarified that the financial statements (and documents required to be attached thereto), auditor’s report and Board’s report in respect of financial years that commenced earlier than 01st April, 2014 shall be governed by the relevant provisions/Schedules/rules of the Companies Act 1956.

The Company is required to hold its statutory meeting as per the
provisions of the companies Act, 1956. This is because that public company
was incorporated under the act, 1956 and as it has received COI in March
2014, at that time the provisions of the section 165 were in force

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 15 September 2014

MCA has put the whole company law into a great mess. Sec.165 dealing with statutory meeting has been omitted in the new Act. The question is whether provisions of CA 1956 which have been omitted in the new Act are still applicable or not? MCA has not issued any notification for withdrawal of such provisions. I have raised this issue earlier also but there is no clarification from MCA so far. If Sec.165 of 1956 Act is still applicable, how do we file relevant returns with ROC? Are the concerned forms available on MCA website for filing?

CS Mitesh Mehta (Company Secretary) (17139 Points)
Replied 15 September 2014

The Company is required to hold its statutory meeting as per the provisions of the companies Act, 1956. Further, the e-form 22 is also available on the MCA portal.

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 15 September 2014

I am attaching statement showing provisions of CA 1956 not included in 2013 Act. If Section 165 of 1956 Act is still applicable, it means all these provisions are also still applicable since the same have not been withdrawn by notification ? Definitely this is not possible. MCA cannot act arbitrarily and apply some provision at its will by putting some form on the website as and when desired and leave other provisions as it is. God only can save us from this condition.

Attached File : 9367 1365324 prov of ca 1956 not included in ca 2013.pdf downloaded: 421 times

RAKESH GULATI (CHARTERED ACCOUNTANT) (83 Points)
Replied 10 May 2016

INC 22 is form for change of registered office what abt e form for uploading statutory meeting

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 11 May 2016

The general circular no. 08/2014 dt 04/04/2014 speaks of 'financial statements', Board's Report and auditor's report. It does not mention statutory report under section 165 of CA 1956. Statutoy report with reference to statutory meeting cannot be equated with financial statements.

Hence, in my view, the said circular referred by CS Jaikishan is not applicable.

Regards

Dipjyoti